The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied $4

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The market for pizza has the following demand and supply schedules:

Price Quantity Demanded Quantity Supplied

$4 135 pizzas 26 pizzas 5 104 53 6 81 81 7 68 98 8 53 110 9 39 121

a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market?

b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?

c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

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Principles Of Microeconomics

ISBN: 9780538453042

6th Edition

Authors: N. Gregory Mankiw

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Question Posted: Nov 04, 2024 06:00 AM

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The market for pizza has the following demand and supply schedules: Price Quantity Demanded Quantity Supplied $4

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Principles Of Microeconomics

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